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Should I get a SECURED loan?


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Hi,

I am presently thinking about taking out a loan. Should I get a SECURED loan? I have equity of 20k in my house and would like 10k to make improvements. I don't want to remortgage as i have got a really good fixed rate for 10yrs. I don't think I would get a unsecured loan for 10k, should I get a SECURED loan? Please give me any advice about this good and bad.

Thanks

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The downside of a secured loan is that if you don't keep up repayments they can reposses your home. You have to consider this when taking one out.

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Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

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You couldask your mortage co about a further advance, but bear in mind that this will be secured, but likely to be cheaperthan places like first plus, picture loans etc (who in my opinion should be avoided at all costs)

You could try your bank.

Or get some quotes and save up what you would be repaying unti you have enough to do the work.

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As the two posts above say, please consider very seriously the implications of having a loan secured on your property.

 

Failure to keep the repayments could mean you losing your home, and if you're already paying a mortgage you need to be absolutely certain that you're not overstretching your finances.

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The interest rate on unsecured loans is usually fixed wheras on a secured loan they are variable. You must be VERY VERY careful about secured loans, if your circumstances change it could cause allsorts of difficulties.

 

Have you tried for an unsecured loan yet?

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Failure to keep the repayments could mean you losing your home .

 

The way itd going nowadys with all the SD flying around you can lose your house with an unsecure

 

RO

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Hello

Thanks for all advice posted. I did apply online yesturday for an unsecured loan and today recvd a letter stating they are happy to deal with me. The terms of the loan are not fixed and they are giving me a typical APR rate of 15.2%, does this mean it could go higher depending on the Base Rate Figure?

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Hello

Thanks for all advice posted. I did apply online yesturday for an unsecured loan and today recvd a letter stating they are happy to deal with me. The terms of the loan are not fixed and they are giving me a typical APR rate of 15.2%, does this mean it could go higher depending on the Base Rate Figure?

Splashin

 

This means that that payment figures they quote are based on 15.2%. Your initial rate could be even higher than that to start and then go even higher.

 

IMO I would contact you currnet mortgage lender, they know your history etc and may possibly offer you an unsecured loan based on their in house credit scoring.

I know Bank of Scotland due specific add on loans for existing borrowers.

 

 

PKea

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